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15 February 2016

BoE: Strengthening accountability in banking and insurance: Implementation of SM&CR and SIMR; and PRA requirements on regulatory references

This policy statement provides feedback to the above consultations, and includes the corresponding rules that have been made by the PRA. It also includes the rules made by the FCA in respect of Swiss general insurers.

In October 2015, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (‘the regulators’) consulted on a set of proposals for the provision of regulatory references, by current or former employers, in respect of individuals applying for certain roles at deposit-takers, insurers, and PRA-designated investment firms. The proposals were set out in a joint publication.

Chapter 4 of the same publication also set out, in relation to the Senior Insurance Managers Regime (SIMR), the PRA’s proposals on scope of responsibilities (SoR) documents, and the associated governance map, for all key function holders (KFHs) at Solvency II insurers and large non-Directive firms (NDFs) (collectively referred to as ‘insurers’).

In November 2015, the regulators consulted in a joint publication on a set of proposals for the application of the SIMR to Swiss general insurers.

Chapter 4 of the same publication also set out the PRA’s proposals for some further clarificatory rule changes in relation to KFH notifications by insurers; as well as proposals for consequential and minor amendments to the PRA Rulebook (and PRA Handbook) as a result of the introduction of the Senior Managers & Certification Regime (SM&CR) and the SIMR.

Full policy statement

© Bank of England

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